Our Business Principles, Telefónica’s Ethical Code, assemble a series of guidelines aimed at leading us through our daily activities.

Our Business Principles were approved in December of 2006 and are applicable to all of our employees in all of the countries in which we operate. Their text is the result of the integration of our previously existing ethical codes. Furthermore, the comments received from professionals in all the countries in which we carry out our operations were also taken into account.

They have been used to structure a series of General Principles, based on: honesty, integrity and trust, respect for the law and human rights. These general principles can be broken down into other more specific ones, in order to assure the trust of our customers, professionals, shareholders, suppliers and society in general.

In order for this Ethical Code not to be a mere “declaration of intentions”, several mechanisms will divulge, promote and supervise its implantation and observance: the creation of the Office of Business Principles, a confidential channel of assistance and a series of training activities.